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What is a breach of contract?

On Behalf of | Feb 28, 2022 | Uncategorized

As a business owner, you have to proceed with caution when engaging the services of others. After negotiating in good faith, you need to sit down and sign a legally binding contract to protect yourself if the other party does not follow through.

A breach of contract means that a party has failed to perform as promised. What constitutes a breach? Learn more about the most common breach types and the remedies you may have working in your favor.

What is a minor breach?

When a party to a contract does not perform some portion of a contract for a period of time, the court may consider it a minor breach. This only occurs when the party eventually follows through with the action or service. Some may refer to this as a partial or temporary breach of contract.

What happens in an anticipatory breach?

Sometimes, a contract may require a party to perform a service or delivery a good that it knows cannot happen for one reason or another. This may occur most often when a material necessary to fulfill the contact faces a delay in transit. You may assume the breach will happen and act according to the contract terms in the face of this anticipatory breach.

What are the implications of an actual breach?

An actual breach means that the offending party does not perform as stated in the contract and will not in the future. For instance, when a deadline passes to fulfill one or all of the aspects considered, the law considers the contract broken. You may then take all remedies outlined in the document to pursue financial recovery.

Regardless of the type of contract breach your business encounters, getting some guidance may prove critical to getting what you need.